National market report

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From the New York May issue: Home prices in the greater Chicago region dropped to their lowest point since the market peak, according to the Standard & Poor’s/Case-Shiller Home Price Index, which was reported in the Chicago Sun-Times last month. Prices dropped 1.8 percent month-over-month and 3.1 percent year-over-year, the most recent report showed, marking the third month in a row that prices reached a post-peak low. But Case-Shiller isn’t the only one with bad news for Chicago housing. The Sun-Times also cited data from the Illinois Association of Realtors, showing that the median sales price for a home in the Chicago area dropped to $165,750 in February. That marked a 41.8 percent decline from the market high in July 2006, and the lowest level seen since February 2000. [more]